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October 14, 2011

Citibank Cuts 80 Wealth Investment Consultants

Bank’s Investment Consultant role was introduced in 2010 to help facilitate business plans with independent RIAs, but will not be pursued

Citigroup CEO Vikram Pandit. (Photo: AP)

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Citibank announced Friday that as part of a “strategic decision” by Citibank and Citigold Wealth Management leadership, the Citi Personal Wealth Management Investment Consultant role “will be discontinued, and will no longer be present in the bank’s consumer branches.”

Citibank says approximately 80 positions across Citi’s U.S. footprint will be eliminated.

The bank’s Investment Consultant role was introduced in 2010 to help facilitate business plans with independent registered investment advisors.

However, these plans Citibank said, “which were put on hold earlier this year, will no longer be pursued, therefore eliminating the need of the Investment Consultant role.”

Citi’s statement went on to say that while “this role elimination is quite limited in scale, we are taking every measure to ensure that clients are not impacted. Furthermore, we will assist affected employees in this transition by providing them the opportunity to apply for other jobs within Citi.”

Citibank’s noted that its “commitment to Citigold and to growing the Wealth Management business is stronger than ever, and we continue to make investments in serving the banking and investment needs of retail customers across the U.S.”